Reps Summon Cardoso As Cbn Faces Explosive Revenue Scandal
(DDM) – The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over what lawmakers describe as more than ₦16 trillion in alleged unremitted revenues, sparking one of the most politically sensitive financial investigations of the year.
DDM gathered that the decision followed intense debate on Wednesday, after lawmakers questioned the apex bank’s failure to remit over ₦5 trillion in operating surplus and ₦11 trillion in revenue into the federal treasury.
The summons stemmed from a motion moved by the Chairman of the Public Accounts Committee, Bamidele Salam, who referenced long-standing concerns about charges collected through the Remita Revenue Collection System between March 2015 and April 2016.
Lawmakers argued that funds linked to the system were collected by the CBN but never transferred to government accounts, forming a key part of the financial violations highlighted in the 2022 Auditor-General’s Report.
The report, released earlier this year, indicted multiple government agencies and listed the CBN among institutions with serious questions to answer about missing or diverted public funds.
Before the final decision was reached, the House chamber witnessed a mild confrontation as members disagreed over whether to assign the case to an ad-hoc committee or leave it with the Public Accounts Committee.
The disagreement underscored growing political tension around compelling the CBN Governor to publicly defend the bank’s financial records.
After deliberations, lawmakers resolved that the Public Accounts Committee would continue the investigation, clearing the path for Cardoso to appear before the committee in the coming days.
The controversy intensified last month when the Socio-Economic Rights and Accountability Project (SERAP) issued a formal demand insisting that the CBN explain what it described as ₦3 trillion in missing or diverted funds flagged by the Auditor-General.
In a letter dated November 15, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP described the unremitted revenues as “grave violations of public trust, the Nigerian Constitution, the CBN Act, and international anti-corruption standards.”
The organisation urged the CBN to ensure the “full recovery” of all missing revenues, remit them immediately to the federal treasury, and identify officers responsible for any mismanagement for onward referral to the ICPC and EFCC for criminal investigation.
With the House now escalating the probe, pressure is mounting on the CBN Governor to provide detailed explanations and financial evidence to counter allegations that billions, possibly trillions, of public funds were mishandled under the bank’s watch.
Cardoso’s expected appearance before the Public Accounts Committee is likely to shape upcoming national discourse on transparency, central banking accountability, and Nigeria’s worsening public finance crisis.
